Trading Statement

9 September 2022

ASOS plc ("the Company")

Post Close Trading Update for the Year Ended 31 August 2022

ASOS today issues an update on trading for the 12 months ended 31 August 2022.

Full-year sales, adjusted PBT and net debt are anticipated to be in the range of market expectations1. However, after having seen good growth in June and July, sales in August were weaker than anticipated. This reflected the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping.

Profit is anticipated to be around the bottom end of company guidance, with constant currency sales growth of c.2% and net debt c. £150m2.

While ASOS remains cautious about the outlook for consumer spending, it continues to make strategic progress and manage the business for the current environment.

ASOS will report full-year results on 12 October 2022.

This announcement includes inside information. 

The person responsible for arranging the release of this announcement on behalf of ASOS is Anna Suchopar, General Counsel and Company Secretary.

1 Company-compiled consensus as of 15 July 2022 for 12 months ended 31 August 2022

· Total Sales Growth in the range of 0.3% to 6.3% [Consensus: 3.2%]

· Adjusted PBT in the range of £9m to £43m [Consensus: £28m]

· Net Cash / (Net Debt) in the range of (£235m) to £101m [Consensus: (£77m)]

2 Company Guidance issued as at 16 June 2022:

· Constant Currency sales growth in the range 4% to 7%

· Adjusted PBT in the range £20m to £60m

· Net Debt in the range £75m to £125m

For further information:

Background note

ASOS is a destination for fashion-loving 20-somethings around the world, with a purpose to give its customers the confidence to be whoever they want to be. Through its app and mobile/desktop web experience, available in ten languages and in over 200 markets, ASOS customers can shop a curated edit of over 100,000 products, sourced from nearly 900 global and local third-party brands alongside a mix of fashion-led own-brand labels - ASOS Design, ASOS Edition, ASOS 4505, Collusion, Reclaimed Vintage, Topshop, Topman, Miss Selfridge and HIIT. ASOS aims to give all of its customers a truly frictionless experience, with an ever-greater number of different payment methods and hundreds of local delivery and return options, including Next-Day Delivery and Same-Day Delivery, dispatched from state-of-the-art fulfilment centres in the UK, US and Germany.

Important information

This announcement may include statements that are, or may be deemed to be, "forward-looking statements" (including words such as "believe", "expect", "estimate", "intend", "anticipate" and words of similar meaning). By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances, and actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect management's view with respect to future events as at the date of this announcement. Save as required by applicable law, the Company undertakes no obligation to publicly revise any forward-looking statements in this announcement, whether following any change in its expectations or to reflect events or circumstances after the date of this announcement.